Personal income and spending rise more than expected
The release from the Commerce Department showed that they both increased 0.5%.
Economists had forecast that they rose 0.1%, after gains of 0.5% in January.
The release also included personal consumption expenditures (PCE), a gauge of individual spending and Federal Reserve chair Janet Yellen's preferred way to track inflation.
Core PCE, which excludes volatile food and energy costs, rose 0.1% month-on-month, and 1.7% year-over-year.
Core PCE was expected to rise 0.2% month-on-month, and 1.8% year-over-year. The Fed has a 2% inflation target.
The PCE deflator, which measures the average change in prices of all domestically consumed items, fell 0.1% in February. Compared to the prior year, it was up 1%. Both matched forecasts.
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